On May 28, 2025, IceCure Medical Ltd. reported its financial results for the three months ended March 31, 2025. Revenue from sales of ProSense® systems and disposable probes was $725,000, a 2% decrease compared to $743,000 in the first quarter of 2024. Gross profit for the quarter was $218,000, down from $269,000 in the prior year, resulting in a gross margin of 30%.
Despite the slight revenue decline, the company's net loss narrowed by 0.6% to $3,588,000, or $0.06 per share, compared to a net loss of $3,609,000, or $0.08 per share, in the same period last year. Research and development expenses decreased by 15% to $1,664,000, while sales and marketing expenses increased by 24% to $1,289,000 in anticipation of potential U.S. marketing authorization.
As of March 31, 2025, IceCure had approximately $6.04 million in cash and cash equivalents. This was bolstered by a $2 million unsecured bridge loan from Epoch Partner Investments Limited, the company's largest shareholder, as of May 27, 2025. IceCure also delivered its proposed post-market study plan to the FDA, a requisite for the marketing authorization decision for ProSense® in early-stage low-risk breast cancer for women aged 70 and over.
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